Extension given for opening FCRA designated bank account in New Delhi Main Branch (NDMB) of SBI 11 Sansad Marg up to 30th June 2021
The Foreign Contribution (Regulation) Amendment Act, 2020 amended Section 17(1) of the Foreign Contribution (Regulation) Act, 2010. As per the amended section, foreign contribution shall be received only in an account designated as “FCRA Account”.
The Ministry for Home Affairs had also issued a Public Notice dated 13.10.2020 prescribing the Procedure for opening and operating designated FCRA Account under amended Section 17(1) of the Foreign Contribution (Regulation) Act, 2010.
The Central Government had specified the New Delhi Main Branch (NDMB) of the State Bank of India (SBI), 11, Sansad Marg, New Delhi-110001 for the purposes of opening the aforementioned “FCRA Account” to receive Foreign Contribution.
The existing FCRA account holders have to open the “FCRA Account” in the above said SBI branch upto 31st March, 2021
However, keeping in view the exigencies arising out of COVID-19 situation, extension has been given for opening of the FCRA designated account.
The existing FCRA account holders have now to open the “FCRA Account” in the said SBI Branch up to 30th June, 2021 or earlier . After that date they shall not be eligible to receive FC in any account other than the “FCRA Account” opened in the NDMB.
The relief has been given in exercise of the powers conferred on the Central Government by section 50 of the Foreign Contribution (Regulation) Act , 2010
It has been clarified that all the persons/NGOs/Associations who already have been granted certificate of registration or prior permission by Central Government shall not receive any FC in any account other than the designated “FCRA Account” from the date of opening of such account OR 1st July, 2021, whichever is earlier.
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